Category: Austrian economics

Minimum Wage: Be careful what you wish for, you might just get it

Last Friday a group known as “Fast Food Forward” (tightly affiliated with the SEIU union) led a series of demonstrations in over 100 US cities at fast food restaurants where they called for a near doubling of the federal minimum wage to $15/hour. In further news there were a number of similar demonstrations in which […]

December 09 / 2013

Eliminate, Don’t Raise, the Minimum Wage

Argumentum ad populum Of the various flavors of government interventionism in our lives, the minimum wage is perhaps the most welcomed. It appeals not only to our innate sense of “fairness” but also to our self-interest. It’s allure may erroneously lead us to the conclusion that because “it is popular” ergo “it is right”. Arguments […]

August 19 / 2013

The Debate that Never Happened

I was recently involved in the “Debate that Never Happened” at UGA through the Phi Kappa literary society where the question “Is full employment possible under capitalism?” was the topic. Unfortunately the audio is a bit low… if you turn it all the way up and sit in a quiet room I think you can […]

Mo’ Money, Mo’ Problems

It has recently come to my attention (thank you George Warren) that the economist Steve Keen has proposed a solution to our economic woes: the government should give people money to pay off their debts. According to Keen it is the high level of private debt (about three times that of annual US GDP ) that […]

The Value Myth

Are teachers underpaid? How much is a teacher worth? To answer this we must first define “value”. Although it is a common myth, there is no such thing as intrinsic value. Gold has no more intrinsic value than a lump of mud. The act of digging a hole has no more intrinsic value than teaching. […]

September 17 / 2012
Author Greg Morin
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Chicken or the egg?

Which came first, supply or demand? At first blush this question appears to be of the intractable “chicken and egg” variety, however upon closer inspection we find the correct answer: Supply. How so? Surely no one will supply something if there is no demand. In order to solve this riddle we must first understand what […]

May 29 / 2012
Author Greg Morin
Comments 1 Comment

Prosperity through tools

What is wealth, or rather, what is the point of wealth? Wealth is the promise of the ability to obtain our wants and desires with minimal effort. In general those that produce much with little effort are wealthier than those that produce little with great effort. And how does one go about producing much with […]

May 14 / 2012

A reply to objections raised against Educational Responsibility

My “Education” editorial prompted a rational and cogent response from David Land in the Morgan County Citizen. This is one of the reasons I began writing this column, to engage those with differing views in polite discourse free of the usual “Left-Right” rhetoric. Thank you David. I would like to respond to the issues raised. […]

Bubbles…

The higher education bubble will soon burst. Like the popped housing bubble, higher education prices are being distorted by massive government subsidization. Subsidization causes prices to increase at a rate dramatically above what they would have otherwise increased absent subsidization. It is true that bubbles can occur “naturally”, but these are called “crazes” or “manias.” The […]

February 06 / 2012

Money doesn’t matter

Can one make too much money? Are the poor getting poorer? Will the rich amass so much wealth that it will leave none for the rest of us? No. Unfortunately affirmative responses are all too common and simply betray an ignorance of basic economics. The mantra “the poor are getting poorer…” is a statistical sleight […]

July 31 / 2011
Author Greg Morin
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